Picky developers put prime retail spaces at risk of becoming afterthoughts

New York /
Oct.October 03, 2011 09:10 AM
alternate
text
From left: 11 Times Square, 9 West 57th Street and 1333 Broadway (building credit: PropertyShark)

While global economic concerns have landlords of vacant U.S. retail spaces scrambling for any tenant, in Manhattan, landlords are patiently awaiting the perfect tenant for their trophy spaces, the Wall Street Journal reported.

For example, it’s not for lack of interest that the 55,000-square-foot retail space in SJP Properties’ 11 Times Square, at 42nd Street and Eighth Avenue, has sat vacant for two years. Rather the developer wants to land a big-name and raise the profile of the one million-square-foot tower.

Similarly, Sheldon Solow’s 9 West 57th Street, has let one of its retail spaces sit vacant since the building was completed decades ago. Now, brokers say, rumors no longer even surface about a potential tenant. These two spaces, in addition to Tony Malkin‘s 1333 Broadway, near 35th Street, and the retail semicircle at Lexington Avenue and 57th Street owned by Charles Cohen, are prime retail spaces so coveted by tenants, but managed so closely by developers, that they risk becoming afterthoughts.

“When is the line crossed?” said Jeffrey Roseman, a broker at Newmark Knight Frank. “Sometimes it’s when the right tenant is shunned over because the offer is a dollar off per foot. But when brokers stop paying attention to space, it’s definitely a bad thing.” [WSJ]


Related Articles

arrow_forward_ios
A photo illustration of Mohegan Sun's Ray Pineault and Soloviev Group's Stefan Soloviev (Getty, Soloviev Group, Mohegan Gaming & Entertainment)
Soloviev partners with Mohegan on casino bid
Soloviev partners with Mohegan on casino bid
Empire State Realty Trust's Tony Malkin (Getty, Empire State Realty Trust)
Tony Malkin’s NYE fireworks spark New Zealand blaze
Tony Malkin’s NYE fireworks spark New Zealand blaze
From left: QIA's Mansoor Bin Ebrahim Al-Mahmoud, Scott Rechler, and Meyer Orbach with One Sutton Place North
Rechler, Qataris join Orbach and Gotlib’s $850M apartment deal
Rechler, Qataris join Orbach and Gotlib’s $850M apartment deal
Meyer Orbach with One and Two Sutton Place North (CityRealty)
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
Soloviev Group chairman Stefan Soloviev and the Solow Building at 9 West 57th Street (Getty, Soloviev Group, King of Hearts, CC BY-SA3.0 - via Wikimedia Commons)
Soloviev denies effort to sell 9 West 57th
Soloviev denies effort to sell 9 West 57th
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Empire State Realty Trust's Tony Malkin (Empire State Realty Trust, Getty)
ESRT eyes more capital allocation as leasing strengthens
ESRT eyes more capital allocation as leasing strengthens
From left: Stefan Soloviev and Sheldon Solow with 9 West 57th Street
Soloviev selling Solow Building in what could be record NYC office deal: sources
Soloviev selling Solow Building in what could be record NYC office deal: sources
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...